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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest Event
Reported): April 13, 1999
BEAR STEARNS ASSET BACKED SECURITIES, INC.
(Exact name of registrant as specified in its charter)
Delaware 333-9532 13-3836437
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
245 Park Avenue
New York, New York 10167
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (212) 272-4095
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Item 5. Other Events.
Filing of Certain Materials
Pursuant to Rule 424(b)(5) under the Securities Act of 1933,
concurrently with, or subsequent to, the filing of this Current Report on Form
8-K (the "Form 8-K"), Bear Stearns Asset Backed Securities, Inc. (the
"Depositor") is filing a prospectus and a prospectus supplement with the
Securities and Exchange Commission (the "Commission") relating to the
Mortgage-Backed LIBOR Notes, Class A, Series 1999-1 (the "Notes") of American
Residential Eagle Bond Trust 1999-1 (the "Trust").
Incorporation of Certain Documents by Reference
The consolidated financial statements of Financial Security Assurance
Inc. and Subsidiaries as of December 31, 1998 and December 31, 1997, and for the
three-year period ended December 31, 1998, included in the Annual Report on Form
10-K of Financial Security Assurance Holdings Ltd. (which was filed with the
Securities and Exchange Commission on March 25, 1999) are hereby incorporated by
reference in (i) this Current Report on Form 8-K; (ii) the prospectus; and (iii)
the prospectus supplement for American Residential Eagle Bond Trust 1999-1
Mortgage-Backed LIBOR Notes, Class A, Series 1999-1, and shall be deemed to be
part hereof and thereof.
In connection with the issuance of the Notes, the Company is filing
herewith the consent of PricewaterhouseCoopers LLP ("PWC") to the use of their
name and the incorporation by reference of their report in the prospectus
supplement relating to the issuance of the Notes. The consent of PWC is attached
hereto as Exhibit 23.1
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* Capitalized terms used and not otherwise defined herein shall have the
meanings assigned to them in the prospectus dated December 4, 1998 and the
prospectus supplement dated April 9, 1999, of the Trust relating to its Notes.
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Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits.
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
23.1 Consent of PWC
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
BEAR STEARNS ASSET BACKED
SECURITIES, INC.
By: /s/ Jonathan Lieberman
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Name: Jonathan Lieberman
Title: Managing Director
Dated: April 13, 1999
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Exhibit Index
Exhibit Page
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23.1 Consent of PWC
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EXHIBIT 23.1
INDEPENDENT AUDITORS' CONSENT
The Board of Directors
Financial Security Assurance Inc.
We consent to the incorporation by reference in the Prospectus
Supplement of Bear Stearns Asset Backed Securities, Inc. relating to
the American Residential Eagle Bond Trust 1999-1 of our report dated
January 26, 1999 on our audits of the consolidated financial statements
of Financial Security Assurance Inc. as of December 31, 1998 and 1997,
and for each of the years in the three-year period ended December 31,
1998. We also consent to the reference to our Firm under the caption
"Experts".
/s/ PricewaterhouseCoopers LLP
New York, New York
April 6, 1999
